{"id":530631,"date":"2023-05-09T10:09:18","date_gmt":"2023-05-09T10:09:18","guid":{"rendered":"https:\/\/wncen.com\/?p=530631"},"modified":"2023-05-09T12:41:12","modified_gmt":"2023-05-09T12:41:12","slug":"ethereum-gas-fees-skyrocket","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-gas-fees-skyrocket\/","title":{"rendered":"Ethereum Gas Fees Skyrocket: What Does It Mean For Investors?"},"content":{"rendered":"

Ethereum, the world’s second-largest cryptocurrency by market capitalization, is currently facing a significant issue: soaring gas fees.\u00a0<\/span><\/p>\n

Gas fees, also known as transaction fees, are payments made to miners on the Ethereum network for processing transactions. These fees have been rising steadily over the past few months, reaching record highs in recent days.\u00a0<\/span><\/p>\n

The situation has left traders and investors concerned about the long-term viability of the Ethereum network, as high fees could discourage users from utilizing the platform.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu: Whales Accumulate Yet Price Drops \u2013 What\u2019s Going On?<\/a><\/div>\n

High Gas Fees On Ethereum Network Despite Transition To PoS<\/strong><\/h2>\n

Based on a recent report by crypto analytics provider <\/span>WhaleAlert<\/span><\/a>, a single transaction on the Ethereum network cost a trader approximately $118,600 in fees, which translates to 64 ETH.\u00a0<\/span><\/p>\n

\n

\ud83d\udcb8 A fee of 64 #ETH<\/a> (119,121 USD) has just been paid for a single transaction!https:\/\/t.co\/3w4UD0AZbw<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) May 8, 2023<\/a><\/p><\/blockquote>\n

While high gas fees are not a new phenomenon on Ethereum, they have become relatively rare since the network’s transition from the proof-of-work (PoW) to the proof-of-stake (PoS) protocol through <\/span>The Merge<\/span><\/a>.\u00a0<\/span><\/p>\n

This shift was expected to reduce congestion on the network, but the current high gas fees suggest otherwise.<\/span><\/p>\n

Possible Cause: Meme Coin Hype, Network Congestion<\/strong><\/h2>\n

The recent spike in network activity is said to be a result of the meme coin craze (see chart below), which has created intense network activity, causing congestion during the weekend. <\/span><\/p>\n

This activity reached its peak when Binance, a popular crypto exchange, <\/span>listed PEPE tokens and Floki Inu<\/span><\/a> for trading on its platform.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Source: CoinChartist\/TradingView<\/pre>\n
The resultant congestion, coupled with panic selling by whales, has contributed to the soaring prices and may eventually lead to reduced gains for retail traders.<\/span><\/p>\n
Impact On Ethereum Prices<\/strong><\/h3>\n
Despite a 0.70% dip in the last 24 hours, Ethereum has maintained a steady seven-day rally of nearly a percent, with its current price at $1,849 according to CoinMarketCap.<\/a><\/span><\/p>\n
However, high gas fees on the network may negatively affect Ethereum’s long-term prospects and discourage users from utilizing the platform.<\/span><\/p>\n
\"\"<\/p>\n
Source: CoinMarketCap<\/pre>\n
The high gas fees on the Ethereum network could have a significant impact on ETH prices in the long run. If the network congestion persists, users may start looking for alternatives to Ethereum, leading to reduced demand for the cryptocurrency. <\/span><\/p>\n
This could eventually result in lower prices, affecting investor sentiment and leading to a market sell-off.<\/span><\/p>\n
<\/p>\n
ETHUSD loses grip on the $1,900 handle. Chart: TradingView.com<\/a><\/pre>\n
Related Reading: PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45%<\/a><\/div>\n
Moreover, the current high gas fees may also hinder the growth of decentralized finance (DeFi) applications on Ethereum. DeFi protocols heavily rely on the Ethereum network to execute transactions and provide liquidity, and high gas fees could limit their growth and adoption. This, in turn, could affect the overall demand for ETH and its price.<\/span><\/p>\n
-Featured image from Freepik<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum, the world’s second-largest cryptocurrency by market capitalization, is currently facing a significant issue: soaring gas fees.\u00a0 Gas fees, also known as transaction fees, are payments made to miners on the Ethereum network for processing transactions. These fees have been rising steadily over the past few months, reaching record highs in recent days.\u00a0 The situation has left traders and investors concerned about the long-term viability of the Ethereum network, as high fees could discourage users from utilizing the platform.\u00a0 Related Reading: Shiba Inu: Whales Accumulate Yet Price Drops \u2013 What\u2019s Going On? High Gas Fees On Ethereum Network Despite Transition To PoS Based on a recent report by crypto analytics provider WhaleAlert, a single transaction on the Ethereum network cost a trader approximately $118,600 in fees, which translates to 64 ETH.\u00a0 \ud83d\udcb8 A fee of 64 #ETH (119,121 USD) has just been paid for a single transaction!https:\/\/t.co\/3w4UD0AZbw \u2014 Whale Alert (@whale_alert) May 8, 2023 While high gas fees are not a new phenomenon on Ethereum, they have become relatively rare since the network’s transition from the proof-of-work (PoW) to the proof-of-stake (PoS) protocol through The Merge.\u00a0 This shift was expected to reduce congestion on the network, but the current high gas fees suggest otherwise. Possible Cause: Meme Coin Hype, Network Congestion The recent spike in network activity is said to be a result of the meme coin craze (see chart below), which has created intense network activity, causing congestion during the weekend. This activity reached its peak when Binance, a popular crypto exchange, listed PEPE tokens and Floki Inu for trading on its platform.\u00a0 Source: CoinChartist\/TradingView The resultant congestion, coupled with panic selling by whales, has contributed to the soaring prices and may eventually lead to reduced gains for retail traders. Impact On Ethereum Prices Despite a 0.70% dip in the last 24 hours, Ethereum has maintained a steady seven-day rally of nearly a percent, with its current price at $1,849 according to CoinMarketCap. However, high gas fees on the network may negatively affect Ethereum’s long-term prospects and discourage users from utilizing the platform. Source: CoinMarketCap The high gas fees on the Ethereum network could have a significant impact on ETH prices in the long run. If the network congestion persists, users may start looking for alternatives to Ethereum, leading to reduced demand for the cryptocurrency. This could eventually result in lower prices, affecting investor sentiment and leading to a market sell-off. ETHUSD loses grip on the $1,900 handle. Chart: TradingView.com Related Reading: PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45% Moreover, the current high gas fees may also hinder the growth of decentralized finance (DeFi) applications on Ethereum. DeFi protocols heavily rely on the Ethereum network to execute transactions and provide liquidity, and high gas fees could limit their growth and adoption. This, in turn, could affect the overall demand for ETH and its price. -Featured image from Freepik<\/p>\n","protected":false},"author":557,"featured_media":530638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1144,16163,8686,4735],"class_list":["post-530631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-btcusd","tag-eth-price","tag-ethusd","tag-price-action"],"acf":[],"yoast_head":"\nEthereum Gas Fees Skyrocket: What Does It Mean For Investors?<\/title>\n<meta name=\"description\" content=\"Ethereum, the world's second-largest cryptocurrency by market capitalization, is currently facing a significant issue: soaring gas fees.\u00a0 Gas fees, also\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Gas Fees Skyrocket: What Does It Mean For Investors?","url":"http:\/\/wncen.com\/news\/ethereum-gas-fees-skyrocket\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum-gas-fees-skyrocket\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-27.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-27.png?fit=629%2C419"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","eth price","ethusd","price action"],"dateCreated":"2023-05-09T10:09:18Z","datePublished":"2023-05-09T10:09:18Z","dateModified":"2023-05-09T12:41:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Gas Fees Skyrocket: What Does It Mean For Investors?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-gas-fees-skyrocket\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-gas-fees-skyrocket\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-27.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-27.png?fit=629%2C419\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"eth price\",\"ethusd\",\"price action\"],\"dateCreated\":\"2023-05-09T10:09:18Z\",\"datePublished\":\"2023-05-09T10:09:18Z\",\"dateModified\":\"2023-05-09T12:41:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-27.png?fit=629%2C419","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/530631"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=530631"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/530631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/530638"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=530631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=530631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=530631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}